TORONTO, ONTARIO--(Marketwired - March 23, 2017) -
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
LOGiQ Asset Management Ltd. (TSX:LGQ) is pleased to announce that it intends to merge (the "Merger") Voya High Income Floating Rate Fund and Voya Floating Rate Senior Loan Fund, resulting in Voya Floating Rate Senior Loan Fund being the continuing fund (the "Continuing Fund") and Voya High Income Floating Rate Fund being the terminating fund (the "Terminating Fund" and together with the Continuing Fund, the "Funds"). LOGiQ Asset Management Ltd. (the "Manager") is the manager of both Funds.
The proposed Merger is subject to unitholder approval. Separate special unitholder meetings (the "Meetings") of both Funds are expected to be held concurrently on May 2, 2017. For the purposes of the Meetings, the record date is expected to be March 24, 2017. Upon receipt of all necessary approvals, it is expected that the Merger will be implemented on or about July 14, 2017. The Terminating Fund will be wound up as soon as reasonably practicable following the Merger.
At the Meetings, unitholders of the respective Funds will be asked to consider and approve, among other things, the Merger and all related transactions. A notice and joint management information circular, which will include details of the matters to be considered at the Meetings, will be mailed to unitholders of the Funds and will be available on www.sedar.com.
It is anticipated that unitholders of the Funds will benefit from the Merger due to reduced costs to unitholders, increased economies of scale, a larger asset base for the Continuing Fund and enhanced liquidity through expected higher trading volume on the Toronto Stock Exchange ("TSX") of units of the Continuing Fund. In addition, Class U Unitholders of the Terminating Fund will benefit from a TSX listing of the Class U Units as the Class U Units of the Terminating Fund are not listed.
If the Merger is approved by unitholders of the Funds at the Meetings, unitholders of the Terminating Fund who do not wish to be part of the Merger will have the option to redeem their units for cash at net asset value as a special redemption right which will be granted prior to the Merger. Unitholders can wait until after the results of the Meetings are announced before choosing to exercise the special redemption right. The Merger will be effected at the net asset value of the Terminating Fund. The Merger is conditional upon the approval of unitholders of the Funds and the TSX.
The Class A Units of Voya High Income Floating Rate Fund are listed on the TSX under the symbol IHL.UN. The Class A Units of Voya Floating Rate Senior Loan Fund are listed on the TSX under the symbol ISL.UN. The Class U Units of Voya Floating Rate Senior Loan Fund are listed on the TSX under the symbol ISL.U
The Manager is a wholly-owned subsidiary of LOGiQ Asset Management Inc. (TSX:LGQ), (formerly: "Aston Hill Financial Inc." (TSX:AHF)). LOGiQ Asset Management Inc. is a diversified asset management company with a suite of retail mutual funds, closed end funds, hedge funds and segregated institutional funds. LOGiQ Asset Management is headquartered in Toronto.
Certain statements included in this news release constitute forward-looking statements, including, but not limited to, those identified by the expressions "expect", "intend", "will", "estimate" and similar expressions to the extent they relate to the Funds and the Manager. The forward-looking statements are not historical facts but reflect the current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Although the Funds and the Manager believe that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, readers are cautioned not to place undue reliance on such statements due to the inherent uncertainty therein. Neither the Funds nor the Manager undertake any obligation to update publicly or otherwise revise any forward-looking statement or information whether as a result of new information, future events or other such factors which affect this information, except as required by law.